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Solana ecosystem projects for exploration in 2024

solana-ecosystem-projects-for-exploration-in-2024
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Solana ecosystem projects for exploration in 2024

Solana is known for its efficiency and scalability. It operates as a layer-1 protocol, allowing the processing of thousands of transactions per second while minimizing fees. This feature addresses the challenges that other blockchain protocols face. 

In 2022, SOL, Solana’s native currency, had a turbulent year due to external factors. However, it has rebounded, rising by 500%. Currently, over 70% of all circulating SOL are staked.

Focus on Solana in 2024

Solana’s commitment to high-throughput, low-latency transactions highlights its significance in 2024. 

Its architecture has attracted diverse projects, including decentralized finance (defi) and non-fungible tokens (NFTs). This year, Solana is expected to achieve significant breakthroughs within its ecosystem. 

It’s an opportune time to explore some of the top projects on Solana that are redefining decentralized technologies. 

The below projects showcase Solana’s versatility and role as a catalyst for broader adoption of decentralized technology.

1. Crowny (CRWNY)

Crowny is a web3 loyalty and rewards platform that onboards businesses through e-commerce plugins (e.g., Shopify) and directly onboards their users. 

Users can use Crowny’s native app to earn loyalty points and CRWNY for interacting, purchasing, and engaging with their favorite brands. 

The platform launched in 2021 and was one of the first movers on Solana, receiving early grants from leading ecosystem participants. 

Crowny has untapped potential use cases for web3, such as loyalty and SocialFi, which can benefit both B2B and B2C efforts. 

The fully vested CRWNY, currently with a market cap of $4m, has a real utility that helps businesses quickly reach their fans and achieve more through their loyalty solution without the hassle of dealing with crypto.

2. JITO

As one of Solana’s leading Solana MEV infrastructure providers and liquid staking option, JITO has nearly 6 million staked SOL, over 34,000 holders, 77 validators, and an APY of 6.71%. 

JITO is a platform that allows SOL holders to earn a yield on their assets while maintaining flexibility. Users can access liquidity on their staked SOL and use it in defi while controlling their funds completely. 

Compared to Ethereum, liquid staking on Solana is relatively tiny. 

3. Raydium (RAY)

Raydium, one of the leading defi protocols on Solana, recently announced the launch of Raydium V3 open-beta, an optimized dapp for speed and efficiency. 

Raydium’s trading volume has been rising in sync with expanding SOL prices, pointing to growing demand for decentralized exchanges (DEXs). 

The platform also has one of the highest total value locked (TVL) on Solana, putting it ahead of competitors such as Jupiter, which has announced airdrop campaigns. 

Raydium V3 has improved user flows and enhanced tooling, reflecting the company’s commitment to setting new standards in defi. 

4. Solana FM

Solana FM aims to redefine the Solana exploration experience via a user-friendly interface. 

The platform recently announced the upcoming launch of Quantum, a new explorer with an improved interface. Quantum promises to eliminate the frustration of clunky Solana transactions, manual search entries, and endless scrolling. 

Early Access slots will allow users to experience features firsthand, reflecting Solana FM’s user-centric approach to exploration on Solana. 

5. GenesysGo (SHDW)

GenesysGo provides blockchain developers and operators with a secure infrastructure to enhance performance. It utilizes shdwDrive and the SHDW utility token.

The platform and underlying smart contract network aim to expand Solana’s infrastructure while increasing decentralization and censorship resistance.

Their live testnet, D.A.G.G.E.R., focuses on marketing and improved visibility. In 2024, it, shdwDrive, and the SHDW will feature at crypto events.

The activation of shdwDrive and D.A.G.G.E.R.’s multi-chain capabilities is crucial for the project. shdwDrive’s chain-agnostic design broadens its data storage services to users on various chains, while D.A.G.G.E.R. takes on roles as an Oracle network and a Wormhole. 

The cross-chain liquidity integration with SHDW’s tokenomics can increase the token’s utility. 

The introduction of Auditor Nodes, powered exclusively by mobile devices, allows users to earn SHDW by using smartphones to solve mathematical proofs, transforming them into mobile mining rigs. 

This concept provides a pathway for individuals to join the SHDW ecosystem. The approach positions D.A.G.G.E.R. and shdwDrive as pioneers in functionality and inclusivity in the blockchain.

Disclosure: This content is provided by a third party. crypto.news does not endorse any product mentioned on this page. Users must do their own research before taking any actions related to the company.

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